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UAE’s clean energy powerhouse company is set on being at the forefront of the energy transition. There are reports that Abu Dhabi-based renewable energy firm Masdar is looking to expand in Europe, Gulf Arab countries, and elsewhere. The company is also in discussion with potential acquisition targets in the US.

In a Reuters report, Niall Hannigan, CFO of Masdar, noted that the company plans to grow in the North American market, focusing on acquisition.

Masdar is looking to grow in Europe, focusing on southern Europe, the Balkans, and Eastern Europe. Hannigan noted that it aims to grow in the UK, Poland, Serbia, Montenegro, and Greece, while Gulf Arab countries, including Saudi Arabia, will be a “huge area of growth.”

He added that Central Asia, Asia-Pacific, and Africa are areas for future growth.

In January of this year, Masdar signed an MoU with four Dutch companies to explore the development of a green hydrogen supply chain between Abu Dhabi and the Netherlands.

Additionally, Zambia’s state-owned power utility Zesco is teaming up with Masdar to build solar plants in the Southern African country. The two entities have entered a joint venture partnership to invest $2 billion to develop and deploy large-scale solar power projects nationwide.

In April, Masdar closed the acquisition of a 50% stake in a combined solar and battery storage project from EDF Renewables North America. The Big Beau project in California comprises a 128-megawatt PV solar plant and a 40/160 megawatt-hour battery energy storage system.

Having raised $750 million through the sale of 10-year senior unsecured notes earlier this week, it will be used to repay two $250 million bridge loans for a 200MW solar PV project in Azerbaijan and a 500 MW offshore wind project in Uzbekistan, Hannigan said. The remaining $250 million will be used for three solar projects in Uzbekistan.